(Last Updated On: March 6, 2015)
Commercial Bank of Africa (CBA) may have overtaken Equity Bank in terms of customer numbers after it signed up its 10th million customer. As at September 2014 Equity had 9.2 million customers with many customers signing up every day. Equity is yet to report its full year results and give us an updated number of customers.
CBA has grown massively due to Safaricom’s product M-Shwari which has been marketed aggressively. It offers a platform where customers can save money in their mobile phones and get loans repayable in a month. Loan disbursements jumped by over four times in the past year due to its easy method of borrowing. CBA processes ab average of 50,000 loans per day.
Customers can borrow over ksh8,000 if they have a good repayment history while the minimum amount one can borrow is around Ksh1000. The loans are offered at a flat rate of 7.5%.